21社论丨积极政策组合将推动下半年经济高质量发展

Core Viewpoint - The article highlights the overall stability of China's fiscal operations in the first half of the year, despite a slight decline in public budget revenue, and emphasizes the need for continued policy support to boost domestic demand and address structural economic issues [1][2]. Fiscal Policy - In the first half of the year, China's general public budget revenue was 115,566 billion yuan, a year-on-year decrease of 0.3%, with the decline rate narrowing by 0.8 percentage points compared to the first quarter [1]. - The government is implementing a more proactive fiscal policy, with increased spending in key areas and a significant acceleration in the issuance of special bonds [2]. - More fiscal funds will be directed towards social welfare sectors, including education, healthcare, housing, and pensions [2]. Monetary Policy - The monetary policy is expected to be flexible, with potential new structural monetary policy tools to enhance financial support for the real economy [2]. - Measures may include preferential interest rates and lowered financing thresholds to support key areas such as technological innovation and consumption [2]. Consumption and Investment - A series of effective policies have been introduced to stimulate consumption, including expanding the scope of trade-in programs and increasing support for service consumption [3]. - Investment in high-tech manufacturing is on the rise, with significant growth expected in sectors like new energy vehicles and related manufacturing [4]. - The government plans to issue long-term special bonds to support major projects, particularly in infrastructure [4]. Real Estate Sector - The government aims to stabilize the real estate market by enhancing policy support and optimizing supply structures [5]. - More special bond funds are expected to be allocated for urban renewal projects, including the renovation of old neighborhoods [5]. - Efforts will be made to curb "involution" competition and optimize industry layouts to maintain fair market competition [5].